FINANCIAL ACCOUNTING – I
Credit Units: 03
Objective: To develop conceptual understanding of the fundamentals of financial accounting
system which processes transactions and other events through a book-keeping mechanism to
prepare financial statements, and also to impart skills in accounting for recording various
kinds of business transactions.
Course Contents:
Module I: Financial Accounting Concepts, importance and scope, Single entry vs Double
entry system of accounting. Journal, Ledger, Trial Balance, Errors and their rectification,
Cash Book, Bank reconciliation statement.
Module II: Final accounts, receipts and payments, income and expenditure accounts, balance
sheet.
Module III: Depreciation accounting and its methods, Inventory valuation and its methods.
Accounting for Hire Purchase Transactions, Journal entries and ledger accounts in the books
of Hire Vendors and Hire purchaser
Module IV: Inland Branches: Dependent branches only and ascertainment of profit by
Debtor’s method and stock and debtors method.
Text & References:
Dr. S.N. Maheswari, Financial Accounting BS Raman,
Financial Accounting Grewal and Gupta, Advanced Accounting
Radhaswamy and R.L. Gupta, Advanced Accounting
S.Kr. Paul, Advanced Accounting
P.C. Tulasian, Pearson Editions, Introduction to Accounting Jain & Narang,
Financial Accounting Sehgal, A and Sehgal,D “Advanced Accounting”, Part – 1, Taxmann
Applied services, New Delhi